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Bitcoin can now be used to pay for taxes in Zug, Switzerland with the amount up to 100,000 Swiss francs ($ 109,800) in BTC or ETH

Currently, Bitcoin can now be used for tax payments in Zug, Switzerland. Citizens and companies will be able to pay up to 100,000 Swiss francs ($ 109,800) in Bitcoin or Ether.

Zug is willing to accept Bitcoin for taxation

Zug, Switzerland, will work with Bitcoin payment processing company Suisse AG to process transfers from cryptocurrency to fiat for the government. The city is also known for its low corporate tax rates and is a hub for cryptocurrencies and crypto-related companies.

Besides, Zug has accepted cryptocurrencies in stores, public offices, and other service providers that have also attracted new customers by accepting digital assets.

Bitcoin has been in a bull market since March of this year. Despite a slight drop in prices, the entire community is excited about the future of cryptocurrency and what might happen in the future. Indeed, some analysts see Bitcoin as a hedge against inflation as countries are printing massive amounts of money to reduce the pandemic’s negative impact.

Bitcoin Suisse has been providing crypto trading services to customers, and it registered a profit of 2.3 million francs. The company is also waiting for approval of Swiss and European banking permits. This will allow the company to work with a larger number of companies and users from all over the world.

At the same time, they will focus on attracting users from Germany. They try to expand their services across Europe, and the license will be beneficial. Furthermore, the new solutions they are offering to companies and users to pay taxes will surely be appreciated by the entire community.

In a recent statement, Zug CFO Heinz Trannler explained:

“We will be working to normalize the use of virtual currencies in everyday life. Paying taxes using the two largest digital assets will be something beneficial and that users will certainly appreciate.”

Even so, it is worth mentioning that the city will not hold money in Bitcoin and Ethereum. They will sell the digital assets to the Swiss franc so that they can be paid to providers and service providers in fiat currency.

The city in Switzerland has become one of the most popular cryptocurrency centers in Europe, and hundreds of companies have been installed there.

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